Oklahoma
Oklahoma Makes Changes to Surplus Lines
Adjustments were made to the surplus lines requirements.
Here is a summary of the changes:
- (Addition) Insurance may be procured from a surplus lines insurer if they meet the capital requirements and on the Insurance Commissioners Non-admitted insurers list if an alien insurer.
- (Addition) A surplus line broker is not required to make a due diligence search if the broker is seeking to procure flood insurance with a non-admitted broker.
- (Addition) Exempt from surplus tax if the policy is sold to a federally recognized Indian tribe covering risks wholly owned by the tribe, OR if the portion of insurance on motor transit operation covering the operations in other states.
- (Addition) 6% tax premium applies to gross premiums less return premiums on all renewal policies
- (Addition) Report must be filed within 30 days of the procurement of coverage
For more information on the reporting form and payment of tax, visit the state website.
- (Addition) Insurance may be procured from a surplus lines insurer if they meet the capital requirements and on the Insurance Commissioners Non-admitted insurers list if an alien insurer.
- (Addition) A surplus line broker is not required to make a due diligence search if the broker is seeking to procure flood insurance with a non-admitted broker.
- (Addition) Exempt from surplus tax if the policy is sold to a federally recognized Indian tribe covering risks wholly owned by the tribe, OR if the portion of insurance on motor transit operation covering the operations in other states.
- (Addition) 6% tax premium applies to gross premiums less return premiums on all renewal policies
- (Addition) Report must be filed within 30 days of the procurement of coverage
For more information on the reporting form and payment of tax, visit the state website.
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